Cannabis company Tilray Inc (NASDAQ: TLRY) reported a 323% year-over-year second-quarter revenue increase Tuesday.
In an interview with CNBC following the earnings release, CEO Brendan Kennedy said he expects to see continued growth in the "coming quarters and years."
Tilray views the cannabis industry as still being in "day one" of its evolution, Kennedy told CNBC, with recreational use legalized in two countries and medical use legalized in 41 countries.
Tilray exports to 13 countries today, which creates a global growth story, but investors are showing signs of concern; the company's earnings report showed a wider-than-expected loss of 32 cents per share versus expectations of a 25-cents-per-share loss.
Tilray is investing in its business to build long-term value for shareholders, Kennedy said.
Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.
Why It's Important
Some of the company's ongoing investments in the large European market include 60 acres of outdoors facilities and a large greenhouse property that can export product within the European Union, the CEO said. The investments will be apparent in the coming quarters, when exports are expected to begin to the German market, he said.
The U.S. market may shift toward legalizing cannabis for recreational and medical use after the 2020 presidential election regardless of who wins, Kennedy told CNBC.
"I think the tide has turned and it doesn't really matter who is president in terms of cannabis legalization," he said.
"It is really one of the few issues that has bipartisan support in Washington, D.C."
Tilray shares were down 12.27% at $40.37 at the time of publication Wednesday.
Tilray Posts Wider-Than-Expected Q2 Loss, Revenue Beat
Green Organic Dutchman Reports Higher Revenue, Wider Loss For Q2
Photo courtesy of Tilray.
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.